Coldwell Banker Survey Reveals Pent-up Boomer Demand

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(PARSIPPANY, NJ) -- A new survey from Coldwell Banker Real Estate finds that 87 percent of 1,300 agents and brokers polled agree that the economy is delaying baby boomers' plans to sell their homes. That said, the desire to purchase and own a home, or more than one home, remains strong in this demographic cohort, especially so in the investment market segment.

Another 87 percent of respondents said they have baby boomer clients who already own or are looking to own an investment property, including 22 percent of agents who report that at least half of their boomer clients either own or are looking to own such properties.

"The baby boomer generation has driven the U.S. economy for years, and like many Americans, they may be anxious about their next real estate decision," said Jim Gillespie, Coldwell Banker Real Estate chief executive officer. "I know baby boomers are a very diverse group and cannot be described in generalities, but our survey clearly indicates that those boomers who are financially secure are actively seeking to buy their retirement home, or a second home, and they are taking advantage of the opportunities and value available in today's market."

Among the survey's findings:

• More than one-third (34 percent) of real estate professionals say younger baby boomers (those aged 47-55) are interested in purchasing a second home. Meanwhile, about 22 percent of older baby boomers (ages 56-64) are interested in buying a second home.

• 31 percent of younger baby boomers (47-55) are looking to sell their current home and trade up to a larger home, while only 6 percent of older baby boomers desire a larger home. For the majority of baby boomers looking to downsize, their primary reason is for a simpler lifestyle.

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Trump Agrees to Pay $170 Million for Doral Golf Resort

(MIAMI, FL) -- The Donald is growing his golf course empire in Florida. At least that's what published reports were showing this week after news leaked that Donald Trump has put in a bid to buy Doral Golf Resort & Spa.

According to various news reports, Trump, who already owns Trump International Golf Club in West Palm Beach, Fla., agreed to pay $170 million for Miami's Doral Golf Resort & Spa, a luxury property put into bankruptcy earlier this year by hedge fund Paulson & Co. and Winthrop Realty Trust.

The agreement will be filed with the U.S. Bankruptcy Court in New York next week, and the transaction could be completed in the first quarter of next year.

Winthrop and Paulson foreclosed on five resorts including Doral in January, and put them into Chapter 11 in February. The filing forestalled maturity of $1 billion in mortgages and $525 million in mezzanine debt, according to a Bloomberg News report. The resorts last month reached an agreement with a mezzanine lender affiliated with MetLife Inc. that permits the reorganization to continue to September 2012.

There still will be a foreclosure auction for the Doral resort, so Trump could get trumped on his offer.

After the Doral sale, the remaining resorts in the bankruptcy case will be the Grand Wailea Resort & Spa in Maui, Hawaii, the Arizona Biltmore in Phoenix, the Claremont Hotel & Spa in Berkeley, Calif., and the La Quinta Resort & Club and Club at PGA West golf course in La Quinta, Calif. Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts before the Jan. 28 foreclosure.

Trump, who already controls nine golf properties in the United States and Puerto Rico, is also in the process of developing a world-class resort in Scotland. Among his U.S. golf holdings are Trump National Golf Club Los Angeles in Palos Verdes; Trump National Golf Club Westchester (N.Y.); Trump National Golf Club Washington D.C. and Trump National Golf Club Bedminster (N.J.),

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